Former President Olusegun Obasanjo has raised serious concerns about Nigeria’s rapidly growing debt, describing it as a critical challenge for both the current and future generations. He made this statement during a recent Zoom discussion titled “Boiling Point Arena”.
According to official reports, Nigeria’s total debt increased by a staggering N12.6 trillion within just three months, reaching N134.3 trillion (approximately $91.3 billion) by the end of the second quarter of 2024. This marks a significant 10.35% rise compared to the N121.7 trillion recorded in the first quarter of the year.
Obasanjo, who played a pivotal role in securing debt forgiveness for Nigeria during his presidency, expressed deep disappointment at the current situation. Reflecting on his efforts, he said, “Yes, I was able to secure debt forgiveness for the nation before I left office, but our present debt profile is a problem for both this and the next generation.”
Drawing comparisons with nations like South Korea and Singapore, Obasanjo emphasized the importance of effective leadership and corruption-free governance. He praised these countries for their focus on merit-based appointments and integrity-driven policies, which he believes have been key to their success.
“The best way to fight corruption is from the top. In South Korea, their leaders make appointments based on merit, and that has become the country’s legacy,” he stated.
